دانلود مقاله ISI انگلیسی شماره 92423
ترجمه فارسی عنوان مقاله

مسئولیت اجتماعی شرکتی و بازده تخصیص سرمایه

عنوان انگلیسی
Corporate social responsibility and capital allocation efficiency
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
92423 2017 24 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 43, April 2017, Pages 354-377

پیش نمایش مقاله
پیش نمایش مقاله  مسئولیت اجتماعی شرکتی و بازده تخصیص سرمایه

چکیده انگلیسی

We investigate the relationship between corporate social responsibility (CSR) and firm-level capital allocation efficiency. Using seminal investment-Q framework, we provide evidence that CSR distorts investment sensitivity to Q. We further determine that this effect of CSR is moderated by the assumed level of agency conflict, stakeholder engagement, as well as financial slack. We also document that CSR negatively affects the sensitivity of external finance to Q and aggravates investment sensitivity to cash flow. In addition, we find that the distortion in the firm-level capital allocation efficiency is reflected in firm performance. Our findings are robust to alternative variable measurement as well as tests for endogeneity.